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Released: April 02, 2013

Why budgeting will lead to more awareness

Source: Carl Richards, N.Y.Times (Free Registration)

Budgeting clearly has a marketing problem. It’s a bit like flossing. We understand how important it is to floss, but it’s not something we like to even think about, let alone actually do.  In fact, budgeting equals awareness.  And who doesn’t want that?

I think anyone who takes the time to think about it would agree that spending money in a way that’s aligned with what we value will bring us more happiness. Of course, the only way to know if our spending is aligned with what we say is important is to track it.

So why aren’t we doing it?

1. It’s not fun.

True. But remember, to paraphrase Stephen R. Covey, the self-help author,  it might be even less fun to spend your entire life climbing a ladder only to find it’s leaning against the wrong wall.

2. I already know where my money is going.

No, you don’t. Sorry. Unless you track your spending, you don’t know where your money goes.

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